Be a Smart Shopper!

By Peter Kates

Nearly one in five adults (18%) reported that they or a family member skipped prescribed medicine at least once in the prior 12 months to save money, according to a recent survey from Gallup and West Health. Not filling prescriptions, or taking medication less frequently than directed, can end up costing more in the long run by delaying recovery – or worse, result in a hospital stay or ER visit.

“Although higher costs for many things may be causing people to make concessions in their daily lives, this doesn’t need to be the case when it comes to many prescription medications,” says Mona Chitre, Pharm D., chief pharmacy officer and vice president of clinical strategy at Univera Healthcare. She offers the following tips:

  • Generics. Generic equivalents have the same active ingredients and therapeutic effects, and can save as much as 80% off the cost of brand name medications.
  • Know your health plan’s formulary and research your copays or coinsurance. Many health plans have tiered costs for covered medications: lowest for generics to highest for select brand name drugs. You can access most insurance company drug formularies (list of covered drugs) on their websites to see what your medications may cost.
  • Mail service/90-day supply. In addition to the convenience of filling your prescriptions by phone, or online and having them delivered to your home, you may also save money when you fill one 90-day supply of your medication instead of three 30-day supplies.
  • Regularly review your medications. At each provider visit, review your prescribed medications and ask if they are still needed, or if lower-cost options have become available.
  • Prescription discount programs. If you’re paying full price for medications that are outside of your pharmacy plan, or if you don’t have insurance, these programs are free to join and can be an easy way to save on prescription medications at participating pharmacies. Univera Healthcare offers the Inside Rx discount card to help the community access discounts at more than 60,000 pharmacies. See https://www.univerahealthcare.com/find-a-doctor/pharmacy/discount.
  • Drug assistance programs. New York state offers the Elderly Pharmaceutical Insurance Coverage (EPIC) program to seniors to help supplement out-of-pocket Medicare Part D drug plan costs.
  • Manufacturer assistance programs. Pharmaceutical companies may offer an assistance program on the medications they manufacture.

Whether or not you’re insured, there are many ways to help save money on prescription medications. Become a smart shopper and always talk with your provider or pharmacist before making any changes to your medications.

Peter Kates is Vice President of Communications at Univera Healthcare.